When you have a diverse consumer base, investing in diversity marketing is essential – but do you know how to do it right? What multicultural marketing trends should you follow in 2023? If you have yet to develop your marketing strategy, take a look at some of the current trends in the industry.
Making Multicultural Marketing a Standard Practice
Companies that have witnessed the success of their marketing efforts have at least two things in common – they nurture a user-centric approach, and they invest in thorough market research in order to get a better understanding of diverse populations and multicultural consumer mindsets.
In the last couple of years, we have noticed an increased interest in diversity and inclusion. Many companies and brands aim to do more when it comes to diversity marketing, and they realize that their efforts need to be not only existing but genuine and consistent.
That is why it’s safe to expect that interest in minority consumer research will only grow, as well as the rise of investments in diversity marketing. Keep in mind that multicultural media spending today is just 5.2% of the total marketing budget, even though minority consumers represent around 40% of all consumers in the USA. Therefore, if you wish to establish an authentic connection with your consumers, start making multicultural marketing a standard practice. If you’re not certain where to start, don’t hesitate to reach out to a multicultural marketing agency for help!
Examining Cultural Context as a Top Priority
If you want to build trust when targeting a multicultural audience, your marketing strategy needs to be focused on the multicultural consumer journey – and it’s a lot different than the traditional, general market consumer journey. When targeting a specific multicultural audience, you need to ask yourself the following questions:
- What effects do recent events have on your target audience?
- Does your brand fulfill the needs of multicultural customers as it does with others?
- Are there any emotional triggers that separate them from your other consumers – and what are they?
At the same time, with so many multicultural marketing fails revolving around translated campaigns, you need to retain from simply translating the promotional material to another language. Many companies begin to understand that researching the cultural context on a deeper level will help them relate to their target audience and, in return, earn customer loyalty.
Bringing Diversity Into the Mainstream
Brands started to understand that multicultural consumers are, in fact, mainstream consumers – and they tend to support businesses and brands that are willing to acknowledge their cultural roots. Don’t forget that diverse populations have significant spending power – according to Nielsen, it amounted to 3.2 trillion dollars back in 2018, and now it is even larger.
Not only that, but keep in mind that a significant percentage of the American population is ethnically diverse, and the multicultural majority will soon become a reality. That is why business and companies are considering their view on the mass market – which will continue in 2023. It’s one of the reasons why we are witnessing an increase in diversity marketing, even with all the budget cuts the previous years have brought.
Embracing Differences to the Fullest
Diverse representation is important, but today’s demands go beyond racial, ethnic, gender, and sexual variety. Brands are expected to embrace diversity and inclusivity without reservation – the way, for example, Rihanna did with her Savage X Fenty brand. Pay attention to the diversity represented in her Savage x Fenty Show:
Showing What Your Brand Stands For
Demonstrating your values that are aligned with the values of your targeted audience is important now more than ever – especially when it comes to Gen Z consumers. That’s one of the reasons many bands stepped away from the status quo in the marketing industry and, in some cases, even addressed the racism ingrained in the brand in order to make positive changes.
Consider the primary concerns of this generation, and you’ll soon realize that racism and discrimination are among the top ones (between women’s rights, the environmental future, and gun violence). If you want to connect with them and gain their support, engaging in socio-political conversations and showing your brand’s stance through marketing is a must. On the other hand, don’t forget that researching the values of your target audiences will help you understand how you should speak to them.
Take a look at the statistics obtained by Microsoft Advertising when it comes to Gen Z, inclusion, and its implementation on the brand’s marketing strategy:
Infographic: 76% of responders are more likely to trust brands with authentic advertising, 70% would support business that shows diversity in their promotional material, 47% are likely to trust brands that are able to represent them and their culture in ads, 49% stopped engaging with a brand that does not share their values.
Reaching Out to Experienced Multicultural Marketing Agencies
Multicultural marketing is able to add value to both corporate leaders and brands that are only starting to enter these markets. However, many of them have issues creating culturally relevant content able to speak to multicultural audiences the right way – and they choose to consult professional multicultural marketing companies that can help them reach cultural authenticity.
These companies are able to provide diversity marketing by gaining cultural knowledge from the audience and presenting the brand’s true image through material that is not patronizing or overly aggressive to the target consumers. Ultimately, these agencies are able to create on-target campaigns that can only contribute to business growth – which is why companies that seek competitive advantage are reaching out to them more and more.
Phu Concepts Can Help You Implement Today’s Multicultural Marketing Trends
Whether you’re an individual who needs digital marketing in Rochester (and beyond), a startup, or an established company looking to add value to your business and consumers through diversity marketing, Phu Concepts is here to help. As one of the top Rochester marketing agencies, we can show you how to speak effectively to a multicultural audience and create a successful multicultural marketing strategy for your business. If you’re interested in what we can offer you, feel free to contact us and schedule your free consultation.
